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SPHINX SUBSIDIARY ANNOUNCES OIL PRODUCTION ACTIVITY

 SPHINX SUBSIDIARY ANNOUNCES OIL PRODUCTION ACTIVITY
 FORT SMITH, Ark., March 18 /PRNewswire/ -- Sphinx Natural Resources, Inc. (NASDAQ: SPNX) subsidiary Grand Production has announced oil production activity in Grady County, Okla.
 Grand will attempt to extend the multipay East Tuttle field one mile east at an 9,250-foot Hunton lime prospect. The operator will evaluate Prue at 8,470, Skinner 8,680, Red Fork 8,825, Basal Penn Unconformity 8,950, Mississippian 8,965 and Hunton around 9,145 feet at 1-36 and Hunton around 9,145 feet at 1-36 Wright, sw sw sw 36-10n-5w.
 The northern Grady County stepout is east of the multipay East Tuttle field, which has produced 53.6 billion cubic feet of gas and nearly 2 million barrels of oil since its discovery in 1971. As of November 1991, the 48 active wells in the field were averaging 191 barrels of oil and 4.3 million cubic feet of gas daily.
 Grand's new prospect offsets an 8,900-foot dry hole drilled in late 1978 by Dyco Petroleum. Electric logs tops picked at 1 Winters Estate, ne sw sw 36-10n-5w, included Oswego at 8,406, Inola at 8,716 and Osborn at 8,792 feet.
 Sphinx recently announced a new wholly owned subsidiary, Natural Resources Operating, Inc., for the purpose of coordinating all activities for a 10-company consortium within MegaOil U.S.A./Vista Joint Venture, Inc. (MegaOil) which is in the final stages of negotiations with a Commonwealth Independent State (C.I.S.) (former Republic of the Soviet Union). Sphinx expects to receive an operating contract by the end of March with MegaOil and to become a charter member for sharing in net oil production revenues.
 Sphinx Natural Resources, Inc. is continuing its diversification into oil and gas development.
 -0- 3/18/92
 /CONTACT: Tony Viele, 405-848-1212, or Gordon Allison, 405-843- 0666, both of Sphinx Natural Resources/
 (SPNX) CO: Sphinx Natural Resources, Inc.; Grand Production; Natural
 Resources Operating, Inc. ST: Arkansas IN: OIL SU:


BN-BR -- AT004 -- 9234 03/18/92 12:20 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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